The Financial Conduct Authority’s findings on commissions, information disclosure and affordability have big implications for the motor retail industry
There needs to be a sweeping change in the role of technology both at the point of sale and online, placing consumers in control of their finance experience and just as importantly to provide lenders with a rigorous record of the customer’s finance buying experience.
The FCA’s inquiry raised serious concerns about car dealers and brokers manipulating finance rates to increase commissions
PPI continued to account for the vast majority of complaints received by the Financial Conduct Authority (FCA) as the overall number of consumers demanding redress declined by 5% in the second half of 2018.
The FCA’s concern was around intermediaries, brokers and dealers not divulging key product features and other regulatory disclosures.
Fiat Chrysler Automobiles has entered into an emissions pooling agreement with Tesla in order to avoid fines for violating new European Union emissions rules.
The Financial Conduct Authorities (FCA) Motor Finance Review has finally arrived. The eagerly awaited and long overdue investigation into auto finance has revealed what many in the industry had predicted.
The FCA’s executive director of supervision for retail and authorisations has warned its focus on affordability, business models and culture will not shift.
Finance companies may be required to fully disclose the commissioned paid to dealers and brokers, following the FCA’s review of motor finance.
Motor industry groups have given a mixed response to yesterday’s report from the Financial Conduct Authority, which highlighted certain dealer reward structures in motor finance and a need for clarity about commission payments.
The Financial Conduct Authority has analysed loan data from 20 motor finance providers, plus its own mystery shop exercise and a survey of lenders that examined how they assess affordability and exercise control over credit brokers including car dealers.
The Financial Conduct Authority is considering banning certain commission models in the motor finance sector due to its concerns about harm to consumers.
Last month, I commented on the forthcoming FCA motor finance market study, in particular on commission structures. I wanted to reflect on discussions I have had across the market.
The Financial Conduct Authority (FCA) has opened consultation on new rules which would require firms to publish General Insurance (GI) value measures data in a bid to improve transparency for consumers.
The IMI has added F&I accredited salespeople to its professional register as part of an Alphera-supported scheme to improve transparency and satisfaction.
Alphera has launched a new car finance incentive scheme which has been designed with the specific purpose of promoting FCA compliance among car retailers.
My key reflection is that the market has progressively adopted higher standards over the past three years.
With the Financial Conduct Authority (FCA) set to publish the findings of its review of the motor finance sector in November, it’s fair to say that car dealer sales practices have never been under greater scrutiny than over the last 12 months.
The days of owning a car are numbered. It’s not about ownership anymore – it’s about usership.
Alphera Financial Services comments on the upcoming FCA findings of the motor finance sector and urges dealers to be more transparent with financial information
